坚朗五金：毛利率保持平稳，定增事宜落地

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company reported a revenue of 4.91 billion yuan for the third quarter, a year-on-year decrease of 22.5%, with a net profit attributable to the parent company of 27.98 million yuan, down 78.7% year-on-year [3][4] - The gross profit margin remained stable at 31.3%, despite a slight year-on-year decrease of 0.3 percentage points [4] - The company successfully raised 600 million yuan through a private placement, enhancing its financial strength [4] Financial Performance Summary - Revenue for 2024 is projected to be 6.71 billion yuan, a decrease of 14.0% year-on-year, with net profit expected to be 122 million yuan, down 62.2% [6][9] - The gross profit margin is expected to be 31.8% in 2024, with a net profit margin of 1.8% [6][9] - The company’s operating cash flow improved to 10 million yuan, compared to a negative 100 million yuan in the same period last year [4][8] Profitability and Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 85.6, 35.2, and 27.4 respectively [5][9] - The projected EPS for 2024 is 0.35 yuan, with an expected increase to 1.08 yuan by 2026 [6][9] - The company’s return on equity (ROE) is expected to be 2.1% in 2024, improving to 6.0% by 2026 [9]